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Economy in Brief

U.S. Industrial Production Remains Unchanged
by Tom Moeller  August 15, 2013

Industrial production remained unchanged (1.3% y/y) during July following a 0.2% June increase, initially reported as 0.4%. A 0.3% rise had been expected in the Action Economics survey. Factory sector production slipped 0.1% (+1.3% y/y) following 0.2% increases during the prior two months. Utility output fell 2.0% (-3.7% y/y).

Consumer goods production declined 0.5% (+1.3% y/y) and reversed its June rise. Motor vehicle output fell 1.7% (+2.5% y/y). Elsewhere, computers, video & audio output was off 0.9% (+4.3% y/y) and appliance, furniture & related goods production fell 0.7% (+1.9% y/y). In the nondurables area, apparel output gained 0.7% (1.9% y/y) but paper production fell 0.9% (-2.9% y/y). Chemical production slipped 0.2% and was unchanged y/y.

Business equipment output was unchanged (2.1% y/y). Production of industrial & other equipment gained 0.3% (2.6% y/y) while transit equipment production remained steady (1.4% y/y). Working the other way, output of information processing and related equipment declined 0.8% (+1.6% y/y) but output of high-tech products rose 1.0% (4.9% y/y). Excluding the output of high tech products & motor vehicles, factory production slipped 0.1% (+1.0% y/y) during July.

The capacity utilization rate slipped to 77.6% from a downwardly revised 77.7% in June. In the factory sector, the rate also moved slipped to 75.8%. Overall industry capacity rose 1.8% y/y while factory sector capacity increased 1.5% y/y.

Industrial production and capacity data are included in Haver's USECON database, with additional detail in the IP database. The expectations figure is in the AS1REPNA database. 

An Update on the Tapering Debate is the title of today's speech by St. Louis Fed President James Bullard and it can be found here.

Industrial Production (SA, % Change) Jul Jun May Jul Y/Y 2012 2011 2010
Total Output 0.0 0.2 0.0 1.3 3.6 3.3 5.7
Manufacturing -0.1 0.2 0.2 1.3 3.9 3.4 6.1
  Consumer Goods -0.5 0.6 -0.2 1.3 1.6 1.5 1.1
  Business Equipment 0.0 0.5 -0.2 2.1 8.3 5.6 8.3
  Construction Supplies 0.5 0.6 -0.6 4.4 5.2 3.0 3.6
Materials 0.4 0.0 0.3 1.6 4.1 4.7 8.8
Utilities -2.0 -0.8 -1.8 -3.7 -2.1 -0.2 3.6
Capacity Utilization (%) 77.6 77.7 77.7 77.9 77.6 76.5 74.0
 Manufacturing 75.8 75.9 75.9 76.0 75.8 74.0 71.3
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